Best Free Checking Accounts of 2016

Paying $10 or $15 in monthly checking account fees is frustrating, as is maintaining a minimum balance of $50 or $100 to avoid being charged the monthly fee. But the fact is fees have become a way that big banks make up for lost revenue in a low-interest, low loan volume world, said Consumer Affairs financial expert Mark Huffman.

According to Huffman, free checking accounts used to be the norm. However, when regulators made it tougher for banks to collect debit card fees and revenue from loans dried up, banks partly made it up through checking account fees.

But, there are still many free checking account options, including free online checking accounts. “Bottom line, a checking account should not cost you money or require you to maintain a large balance,” said Huffman. “Fortunately, there are plenty of options for consumers who do a little homework.”

Best Free Checking Accounts of 2016

To help you find the best free checking accounts of 2016, GOBankingRates did the research for you. Here are 10 banks offering some of the best free checking accounts currently on the market, with varying features so you can choose the one that best suits your banking needs.

Rates and fees are subject to change at the financial institutions’ discretion.

Alliant Credit Union High-Rate Checking

With no minimum balance requirements or monthly fees, Alliant’s High-Rate Checking account is an interest-bearing account that offers 0.65% APY. And, with ATM rebates of up to $20 a month for out-of-network ATMs, it’s a great choice.

Important to Know: To qualify for this checking account, you’ll need to be an Alliant member and do two things. First, you must choose free eStatements rather than paper ones. And second, you’ll need to have at least one electronic deposit to your account per month. Direct deposits, payroll deposits, ATM deposits, mobile deposits and transfers from another financial institution all qualify.

Ally Bank Interest Checking Account

With no minimum balance requirements or maintenance fees, Ally Bank’s Interest Checking Account is one of the best free online checking accounts. This online bank also has other attributes. Huffman said Ally has good 24-hour, seven-day-a-week customer service, and he likes the bank’s policy of reimbursing up to $10 of out-of-network ATM fees per statement cycle.

Important to Know: In addition to the out-of-network ATM fee reimbursement, this bank uses the Allpoint ATM network, so you’re well-covered in accessing your money. Also, balances less than $15,000 can earn 0.10% APY; balances of $15,000 or higher can earn 0.60% APY.

Key Features:

No monthly fees

Free bill pay

Free standard checks

Free debit MasterCard

Postage-paid deposit envelopes

24/7 live customer care

Send people money with Popmoney

Deposit checks remotely

Capitol One 360 Checking

Want a big-bank checking account without the hassle of dealing with a brick-and-mortar institution? The Capitol One 360 Checking account might suit you. This free checking doesn’t have minimum balance requirements or monthly balance fees. And, it’s one of Huffman’s favorites because you can earn a bit of interest — 0.20% APY for balances less than $50,000 — and that the account doesn’t charge overdraft fees.

“It also gives you fee-free access to [about 40,000] Allpoint and Capital One ATMs,” he said. If you’re an on-the-move sort, that could save you a lot of money in ATM fees.

Important to Know: Although you’ll earn 0.20% APY on your checking account balance if it’s under $50,000, the rate does go up with higher amounts. From $50,000 to $99,999.99, you’ll get 0.75% APY, and $100,000 or more earns 0.90% APY.

Also, you can opt into a free overdraft protection line of credit program, which carries an 11.50% APR on borrowed amounts. But there is a $9 fee for rejected checks, which occurs if a check is presented to Capital One but there aren’t enough funds in your account.

Key Features:

No monthly fees

No minimum balance requirements

Mobile check deposit

First checkbook free; $5 after that

Free bill pay

Overdraft protection

Charles Schwab Bank High Yield Investor Checking

You might be surprised to see the Charles Schwab name, better known as an investment firm, on this list. But the company’s High Yield Investor Checking account has no minimum balance requirements and no monthly service fees. Plus, it offers a 0.06% APY, one of the few reasons this checking account is one of personal wealth-building expert Ramit Sethi‘s favorites.

Important to Know: Sethi said his favorite feature is the unlimited reimbursement of ATM fees. “This means you can use any ATM, corner stores, other banks, whatever, without having to look for some specific bank’s ATM,” he said.

One caveat: You’ll have to open a Schwab One brokerage account to open the checking account. However, the brokerage account also doesn’t have a minimum balance requirement, and you’re not obligated to fund the account.

Discover Bank Cashback Checking

Discover Bank’s Cashback Checking account is a free checking account that earns you money. For every debit card purchase, online bill pay and cleared check, you earn 10 cents each. In total, you can earn 10 cents on up to 100 transactions per month and then redeem your cash back rewards to your Discover card’s Cashback Bonus account.

Important to Know: Although there is no monthly balance requirement, you do need to deposit at least $25 to open an account.

Key Features:

No monthly fees

No monthly balance requirements

Earn up to $120 cash back each year

Free online bill pay

Free replacement debit card

Free official bank check and check reorder

Access to more than 60,000 free ATMs in the U.S.

FirstBank Anywhere Account

The Anywhere Account from FirstBank might not get you any cash back, rewards or interest, but it’s a solid free checking account with all the necessary fixings: no monthly service charges, no minimum balance requirements and more.

Important to Know: ATMs are located at each of FirstBank’s 120-plus branch locations, plus at King Soopers grocery stores and select CVS locations.

Key Features:

No monthly fees

No minimum balance requirement

No ATM fees for FirstBank ATMs

Online and mobile banking

Text and email alerts

24-hour phone banking services

First National Bank of Omaha First National Checking

This free checking account from First National Bank boasts very few fees and a couple of unique perks. For example, it offers a 0.25 percent rate discount on auto, home equity and personal loans, which translates to great potential savings for you. And, this checking account offers a $200 mortgage closing cost credit. For more details about the credit, the bank advises you reach out to a mortgage loan officer.

Important to Know: Overdraft forgiveness is available — but only once a year. And the bank’s fine print makes it clear that it, generally, won’t pay overdrafts for customers who do not make regular deposits or those who have excessive overdrafts. So, always keep track of how much money is going in and out of your account.

Fulton Bank Simply Checking

If you tend to maintain a low balance in your checking account, you might want to consider opening a Simply Checking account with Fulton Bank. With no minimums and no monthly fees, you’ll save money on your everyday banking needs.

Important to Know: Fulton Bank doesn’t have locations everywhere throughout the country. Its network of community banks are located in Delaware, Maryland, New Jersey, Pennsylvania and Virginia.

Glacier Bank Totally Free Checking

Glacier Bank’s Totally Free Checking Account is hassle-free and low in fees. And, it offers protection for your debit cards and accounts. For example, the Glacier Bank Visa Debit Card allows customers to enroll in Debit Card Guard, which is a fraud protection text alert notification service. So whenever you receive an alert of a transaction that you think is fraudulent, you can report it immediately.

Important to Know: Glacier Bank ATMS are located only in Montana, according to its website. However, Glacier Bank has multiple divisions — 1st Bank, Bank of the San Juans, Citizens Community Bank, etc. — with ATMs located in other states, including Wyoming, Utah, Colorado, Idaho and Washington.

Key Features:

No monthly fees

No minimum balance requirement

No minimum opening deposit

Free Visa debit card

Free online banking and bill pay

Unlimited check writing

Return of check images

Simple Bank Simple Account

Though it’s technically a negotiable order of withdrawal (NOW) account, Simple Bank’s “checking account” still deserves a spot on this list. It features no minimum balance requirements and no monthly account maintenance fees while offering a little interest at 0.01% APY. The bank is online only and has a variety of free features.

Important to Know: You can “write” checks using Simple’s free Mail a Check service, which mails a check to the payee of your choice. You will also have free access to over 55,000 ATMs across the nation.

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